Do SMEs benefit from the corporate sector purchase program? evidence from the eurozone
利用企业融资调查数据，研究了欧洲央行企业部门购买计划对中小企业融资的影响，发现该计划通过减少正式和非正式信贷约束改善了信贷获取，并降低了贷款申请成本。
In this paper, we study the impact of the European Central Bank Corporate Sector Purchase Program on small and medium sized firms' financing using restricted data from the Survey of Access to Finance of Enterprises. We find that following the announcement, credit access improved through the reduction of both formal and informal credit constraints. Loans terms also improved as manifested by a reduction on loan application costs. The unconventional monetary policy intervention is also transmitted through trade credit in production networks as unconstrained borrowers extend more trade credit following the announcement of the program.